Bank stocks push market up

23-Aug-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

Local stocks today, August 21, strongly gained for their sixth consecutive day as bank stocks attracted huge capital flow after plunging to new lows.

VCB stole the limelight among the bank stocks, rising to an all-time high of VND80,000 per share, up 4 percent against the previous day. Meanwhile, BID jumped 2.9 percent to end the day at VND37,850.

MBB took the lead by volume among the bank stocks, with matching volume reaching 6.1 million shares. The stock added 1.58 percent at VND22,500, followed by CTG that saw 4.6 million shares traded.

The VN Index of the Hochiminh Stock Exchange picked up 9.71 points, or 0.99 percent, versus Tuesday to close at 994.38. There were 201.5 million shares worth VND5 trillion changing hands, up 13.4 percent and 21.4 percent, respectively. In block deals, 55.3 million shares changed hands with a total value of VND1.7 trillion.

Foreign investors were net buyers as they net purchased nearly 1.7 million shares worth VND113.3 billion, having posted a net selling value of VND76.6 billion in the previous day.

Notably, they net bought some five million shares of technology group CMG, mostly via put-through transactions. CMG ended the session down 0.2 percent at VND41,200.

On the Hanoi Stock Exchange, the HNX-Index rose 0.03 percent at 103.01, with trading value improving 16 percent at VND459.9 billion.

According to securities firms, the stock market was also supported by other sectors such as oil gas, insurance, technology, real estate, securities, food and beverage. Their sector indexes rose between 0.6 percent and 1.5 percent.

Investor sentiment improved a little bit as most Asian markets ended up on August 20, amid optimism over China-United States trade talks. However, the local market still faces challenges as the main index is entering the strong resistance zone from 995 to 1,000 points.

Viet Capital Securities Company in a report said that the economy remains positive with trade surplus reported this month. According to customs data, from August 1 to 15, Vietnam’s exports totalled $11.95 billion and imports reached $10.75 billion, resulting in a trade surplus of $1.2 billion.

Since early this year, the trade surplus has mounted to $2.94 billion versus $2.37 billion in the same period last year. The strong trade surplus in the first half of August was mainly helped by exports of mobile phones and parts as Samsung released its new Galaxy Note 10.

Ample foreign currencies in the banking system have helped the dong-US dollar exchange rate move to VND23,204, which is slightly above the State Bank of Vietnam’s buying price of VND23,200, despite the yuan continuing to weaken to 7.061, it said.


Category: Stocks, Vietnam

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